The Future of Regional Development and Public Investment in Wales, United Kingdom
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The Welsh Government has set an ambitious and innovative path for regional development and public investment – one focused on generating growth and increasing productivity, while also reducing territorial disparities and ensuring the well-being of citizens, now and in the future. Yet, it faces significant challenges, accentuated by limited fiscal decentralisation and changes to public investment financing post-Brexit. This OECD Multi-level Governance Studies report provides the Welsh Government and Welsh local authorities with analysis and recommendations on how to achieve regional development and public investment aims. The report offers insight into how the Welsh Government and Welsh local authorities can increase their fiscal and public investment capacity, and strengthen their governance practices. It stresses that the Welsh Government’s ability to coordinate regional development policy and associated public investment is a determining factor in meeting growth and well-being objectives. This report also proposes a variety of mechanisms to strengthen policy and service delivery at the local level. A case study featuring the challenges and benefits of establishing economic regions in Mid and South West Wales sheds a practical light on the various aspects explored throughout the report.
Foreword
This report examines productivity and well-being performance in Wales, Welsh fiscal and public investment frameworks, and the Welsh Government’s regional development and public investment governance practices. It identifies strengths and challenges in these areas and highlights immediate and longer-term actions that could help the Welsh Government meet its dual objective of growth plus inclusiveness.
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